{"id":13501,"date":"2017-09-22T15:12:27","date_gmt":"2017-09-22T14:12:27","guid":{"rendered":"http:\/\/unitelive.org\/?p=13501"},"modified":"2017-09-22T15:12:27","modified_gmt":"2017-09-22T14:12:27","slug":"borrowing-to-eat","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=13501","title":{"rendered":"Borrowing to eat"},"content":{"rendered":"
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Nearly half of all young people have to borrow money to make it to the end of the month, illuminating the plight of millennials struggling with shrinking wages, rising living costs and insecure work.<\/p>\n

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Interviews with 4,000 people aged between 18 and 30 found that 51 per cent of young women and 45 per cent of young men rely on credit to make their finances last until payday.<\/p>\n

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The survey<\/a>, commissioned by the Young Women\u00e2\u20ac\u2122s Trust (YWT), also found that 25 per cent of young people in Britain are in debt all the time.<\/p>\n

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A fifth of those asked said they use their overdraft or borrow money from family to manage until the end of the month. The next most popular method of borrowing was to use a credit card.<\/p>\n

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One in 10 said they use payday loans, with the figure increasing to one in four for parents under 30.<\/p>\n

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Skipping meals <\/em><\/strong><\/p>\n

The YWT said many of the survey\u00e2\u20ac\u2122s participants also reported skipping meals and working overtime to make ends meet until payday.<\/p>\n

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YWT chief executive Carole Eastern said, \u00e2\u20ac\u015bYoung people tell us they want to work hard and be financially independent but as prices rise and wages remain low, more and more are struggling.\u00e2\u20ac\u0165<\/p>\n

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The survey comes after numerous reports<\/a> by debt charities highlighting an increase in the number of people needing assistance with spiralling debts and unpaid household bills.<\/p>\n

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Consumer borrowing\u00c2\u00a0has risen to more than \u00c2\u0141200bn\u00c2\u00a0for the first time since the 2008 financial crisis.<\/p>\n

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The Financial\u00c2\u00a0Conduct Regulator estimates that around 3.3m people are in persistent debt<\/a> and the Bank of England has warned<\/u> banks\u00c2\u00a0about\u00c2\u00a0how they are granting credit to consumers, amid worries that\u00c2\u00a0irresponsible lending<\/a>\u00c2\u00a0could lead to another financial crash.<\/p>\n

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Tory misgovernment <\/em><\/strong><\/p>\n

Unite assistant general secretary Steve Turner said the growing debts were a reflection of Tory misgovernment.<\/p>\n

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He said, \u00e2\u20ac\u015bYoung people are facing a precarious future in a nation that\u00e2\u20ac\u2122s drowning in household debt.<\/p>\n

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\u00e2\u20ac\u015bAnd they\u00e2\u20ac\u2122re taking the hardest hit largely because they\u00e2\u20ac\u2122ve come of age in an era that\u00e2\u20ac\u2122s seen a decade of vicious, ideological and unnecessary government austerity, cuts to services, growing exploitation, insecurity and low pay at work, a deliberately created housing crisis and the introduction of crippling student fees to access a university education.\u00e2\u20ac\u0165<\/p>\n

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Turner said policies including a \u00c2\u014110 an hour minimum wage<\/a>, implementing rent controls and building more council houses would help young people escape the debt cycle.<\/p>\n

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He also called for a commitment to major public investment, state support for full employment in decent and secure work and an industrial strategy that rebuilds the UK\u00e2\u20ac\u2122s manufacturing<\/a> base and reboots the stagnating economy.<\/p>\n

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Turner added, \u00e2\u20ac\u015bWe can do this if government has the will to act \u00e2\u20ac\u201d these are political choices and we must choose to support, nurture and offer real hope and opportunity to our young people.<\/p>\n

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\u00e2\u20ac\u015bNo one should have to borrow money to meet such basic needs as food and shelter in the world\u00e2\u20ac\u2122s fifth richest economy.\u00e2\u20ac\u0165<\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly half of all young people have to borrow money to make it to the end of the month, illuminating the plight of millennials struggling with shrinking wages, rising living costs and insecure work.   Interviews with 4,000 people aged between 18 and 30 found that 51 per cent of young women and 45 per […]<\/p>\n","protected":false},"author":1,"featured_media":5197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[76,220,221,71],"wps_subtitle":"Half of young borrow before end of month","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/13501"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13501"}],"version-history":[{"count":1,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/13501\/revisions"}],"predecessor-version":[{"id":13502,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/13501\/revisions\/13502"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/media\/5197"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}